If a nation can produce greater quantities of a good than another nation, it has a(n)
A. comparative advantage.
B. absolute advantage.
C. declarative advantage.
D. entire advantage.
Answer: B
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An economy with an expansionary gap will, in the absence of stabilization policy, eventually experience a(n) ________ in the inflation rate, leading to a(n) ________ in output.
A. decrease; increase B. increase; increase C. decrease; decrease D. increase; decrease
When the demand for a good is perfectly elastic, ________
A) total revenue is as large as possible B) the demand curve for the good is vertical C) the price elasticity of demand is infinite D) the price elasticity of demand is zero
The sum of consumption (C), investment (I), government spending (G), and net exports (X-M) is called:
a. autonomous spending. b. aggregate expenditures. c. Keynesian income d. wealth.
Which is the most accurate statement?
A. Most strikes cause no economic disruption. B. The job of a mediator is to impose a settlement. C. Collective bargaining negotiations occasionally end with a strike. D. The firm with the least ability to withstand a strike would be a manufacturing firm.